NY S06263

Requires affordable housing development companies located outside New York that own 20 or more affordable housing rental units in the state and receive federal HUD funding to maintain an escrow account

Escrow account must be held by a bank or licensed lender to cover utility costs, property tax obligations, fire services, and regular maintenance costs for their New York properties

Account must contain at least 50% of the prior year's property tax obligations for their New York affordable housing units

Account must also include 50% of the previous 12 months' utility and regular maintenance costs, plus an amount for potential fire services as determined by the commissioner

Takes effect 60 days after becoming law